The Real Deal New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

Status Capital sells a Village retail building; weapons rental company buys Ridgewood site

July 05, 2016 04:25PM
By Kyna Doles

47-40 Metropolitan Avenue in Ridgewood, Rick Washburn and 34 Gansevoort Street in the West Village

47-40 Metropolitan Avenue in Ridgewood, Rick Washburn and 34 Gansevoort Street in the West Village

1.) Ralph and David Sitt’s Status Capital, a venture formed by co-founders of Sitt Asset Management, sold a five-story retail building at 34 Gansevoort Street for $19.5 million. Chicago-based investor L3 Capital acquired the property, which has been at the center of dispute between the Sitt family and was once part of Sitt Asset’s retail portfolio. Nearly a decade ago, Sitt Asset paid $9.9. million for the building, but the property fell into distress after the family fell behind of payments to Wells Fargo, according to court documents. In 2013, the family refinanced the building and investors were paid out, except for Ralph, who alleges in his lawsuit against his brothers Ralph and David, that he was never compensated. Clothing boutique Rebecca Taylor is one of six commercial tenants in the 8,200-square-foot building.

2.) In the East Village, the Sabet Group purchased a 22-unit rental building at 92-94 Second Avenue from investment firm Emmes Group of Companies for $19 million. Hummus bar Local92 is one of two retail tenants on the lower floor of the six-story building. Twenty apartments, including five rent-stabilized units, are on the upper floors. The building last traded hands nearly 20 years ago for an undisclosed price. Sabet’s holdings include a rental properties at 119 Christopher Street in the West Village and 117 Varick Street in Soho.

3.) Brooklyn-based landlord Frey Management picked up a 60-unit multifamily building in Sheepshead Bay for $18 million. The property, located at 2147 East 17th Street, has six floors and spans 57,500 square feet. Nearly all of its apartments are rent-stabilized units. Heller Realty bought the building for $16 million last year, and property records show the property has traded hands four times in the past 10 years.

4.) An 80-unit rent-stabilized building in Brooklyn’s Bath Beach neighborhood sold for $17.1 million. Ace Management is the latest owner of 65 Bay 19th Street, located just a few blocks from Gravesend Bay. Nate Napoli Realty Associates has owned the property since 1966.

5.) Two blocks north from Sabet Group’s rental building at 92-94 Second Avenue, Morgenstern Capital scooped up a 24-unit multifamily building at 118 Second Avenue from Crawford Realty. The five-story building sits on the corner of East 7th Street and spans 16,060 square feet. Bar Virage, a bistro and bar that opened in 2014, is the building’s only commercial tenant.

6.) Actor Rick Washburn is expanding his props and weapons rental company, the Specialists, into a manufacturing building in Ridgewood. Washburn operates the largest prop supplier outside of Hollywood, and already has a full-service shop in Soho. The props company paid $15.8 million for one of two commercial condominiums at 48-05 Metropolitan Avenue, located near its headquarters at 47-40 Metropolitan Avenue. Investment firm WM Capital bought the space, which spans 61,700 square feet, for $7 million in December 2014.

7.) R.A. Cohen & Associates nabbed a 35-unit rental building on the Lower East Side for $12 million. The six-story multifamily building is located at 151 Norfolk Street and was under the ownership of Eric Chang since 1987. Bowery Boogie reported last month that residents, especially rent-stabilized tenants, in the building were fearful of the new owner. Tenants at 135-137 Eldridge Street in Chinatown reported instances of harassment after R.A. Cohen acquired the rental building in 2014 for $11 million, according to the neighborhood blog. Records filed with the Department of State show R.A. Cohen registered two similar LLCs last month. The first was Norfolk Associates LLC, which acquired 151 Norfolk Street, and a second entity, Norfolk Associates II LLC. However, it’s not clear if that second entity will be used to purchase another nearby property.

8.) A Japanese-based investor acquired an East Village rental building from Icon Realty Management. Hiroaki Suzuki paid $11.4 million for the 10-unit multifamily building at 329 East 10th Street. The building is a five-story walk-up totaling 7,100 square feet. Icon bought the building for $5.2 million three years ago.

9.) On the Upper West Side, Fine Times Inc. purchased an 11-unit residential building for $10.9 million. The developer owns more than two dozen rental properties throughout Brooklyn Heights and the Upper West Side. It’s latest purchase is a six-story, 10,300-square-foot building at 12 West 76th Street. Carolle Metroka and Julie Gagliardi are the sellers.

10.) Steven Satz, a Great Neck-based investor and gym owner, bought a residential building at 340 East 184th Street for $10.3 million. The rent-stabilized multifamily building has 67 apartments across 57,800 square feet. The seller, Cavan Properties, paid $2.8 million for the building in 2003. In a smaller deal made this month, Satz purchased a 39-unit building at 899 East 169th Street for $4.6 million.

(Source: ACRIS data for closed sales between June 27-July 3, and Reonomy data)

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